Hit 800 credit score and it barely changed anything

I finally cracked 800 after years of careful payments and low balances, but my car loan rate was the same as when I was at 720. Why do we obsess over these numbers if lenders don't really reward you past a certain point?

2 comments

2 Comments

lisa_bennett1d ago

You said lenders 'don't really reward you past a certain point' and honestly that's mostly true for car loans... the rates are more about the car's age and your debt to income ratio than a perfect score. But where that 800 helps is on mortgages and credit cards with better terms, or if you ever need to rent a place or get insurance. I've seen customers with 780 get turned down for a house loan because their score was borderline for the best rates. So the 800 isn't useless, it just matters more for the big stuff than the small stuff.

jason_kelly81d ago

Yeah I feel you on that. My credit's around there and I still got denied for a mortgage once because my debt to income was off by like 2%. So having the higher score isn't a magic pass. @lisa_bennett knows what she's talking about though - it's like having a fast car but no gas. All that 800 does is get you in the door but it won't buy the house for you. I guess my score is just for bragging rights at this point.